How Does Golf Betting Work?
There are a few different ways of betting on professional golf. Some of these methods are fairly straightforward, like betting on a certain player to win a given event. Additionally, there are many other ways to bet on golf that are not so obvious. These include (but are not limited to) head to head matchup bets, hole specific outcome bets, and player specific scoring bets.
Player Placement Betting
Player placement golf betting requires bettors to bet on a specific player/group of players to place within a certain margin (1st place, top 10, etc) at the end of a round, tournament, or season. Because golf is an individual sport that holds competition in a tournament setting, the exact odds that each player will change based on that player's skill, the difficulty of the course, and the player's recent performances.
For example, the favorite to win the 2020 Masters Tournament is World Number 2 Rory McIlroy at +700, while the player with the worst odds is Si Woo Kim at +40000. In this example, a $100 bet on McIlroy to win the event would yield the bettor $700 if successful, while a bet of the same amount on Kim would yield a whopping $40,000.
Player placement golf betting is without a doubt the easiest type of golf betting to understand, and there are several ways to combine players to boost your odds to win. Because of this fact, it is generally considered the most popular way to bet on golf.
Head to Head Betting
Another version of golf betting involves placing a wager on one golfer to finish better than one other golfer that is competing in the same event. This type of betting is called head to head betting. Unlike betting on only one player's finishing position, this method allows bettors to enhance their chance of winning if they really think one player will perform well and a different player will not fare as well. In addition, it gives bettors a strong chance to win money if they strike on just one of their predictions.
For example, a bettor might think that Bryson DeChambeau will finish fairly well in an upcoming tournament, while simultaneously thinking that Brooks Koepka will struggle. Instead of simply placing a player placement on DeChambeau, they can pin the two up against each other at odds relative to each other. This way, even if the bettor is only right about one of the two outcomes, they can still win their bet.
Professional golf bettors often place this type of wager in addition to their placement bet, so they still have an opportunity to win even if the player they picked to win does not perform the way they had hoped.
Hole Specific Betting
Hole specific betting allows bettors to place wagers on the outcome of a specific hole for a specific player/group of players. Most sportsbooks allow players to choose the outcome they believe will happen at any given hole for most players in a tournament.
For example, let's say that Justin Thomas, Jordan Spieth, and Viktor Hovland are all about to tee off on the first hole. A bettor may place a wager on whether any of the three players will make a birdie on that hole. Depending on the difficulty of the hole and the quality of player/players, this type of hole would yield approximately even odds.
Hole specific bets are not extremely common in the golf betting market, however, they are looked at as fun and unique props that offer boosted odds in some scenarios.
In addition to all the pre-tournament odds listed above, live odds are also available to bettors during tournament play. These live odds are constantly changing based on player performance during each round, and are usually available for any type of bet.
An example of live golf betting is as follows: Let's say Tiger Woods, the favorite in the tournament, begins at +1500 to win the Masters. However, he begins his round by making 5 birdies in his first 9 holes, creating an early 3 shot lead. At this point, his odds to win the tournament likely increase to odds of approximately +500, meaning that, even though the tournament has started, bettors can still place a wager on Tiger to win at these new odds.
It is important to remember that live odds do not affect bets that have already been made. Only bettors that believe the current odds still favor them should choose to place a live bet.
How do you bet on golf?
The easiest way of betting on golf is through an online sportsbook, as opposed to an in person casino. However, in person sportsbooks are available in some states that have legalized the practice. Because online betting is extremely easy nowadays, it is important to remember to not place too much money into any one bet. For most people, betting should be a fun and entertaining way to enjoy sports, as opposed to a legitimate way to make money. Nevertheless, casual betting has increased exponentially in popularity over the past few years.
Where can casual bettors place wagers on golf?
There are plenty of online golf betting options. A few of the most popular websites include Bovada, Mybookie, BetOnline, and FoxBet. There are also in person sportsbooks for those living in states where sports betting has been legalized.
What are the most popular tournaments bettors place wagers on?
In general, the most betted golf tournaments are the four major championships: the PGA Championship, the Open Championship, the Masters Tournament, and the U.S Open. Coverage for these events is fairly large, so it naturally attracts an equally large betting audience as well. Other second tier tournaments, like the Memorial and the Players Championship also attract a large number of bettors.
What do odds of +200 mean?
Odds of +200 correlate to a 1-2 payout ratio if the bet chases. This means that, if the outcome you choose ends up happening, then you will win twice as much money as you wagered. For example, let's say Rickie Fowler has +200 odds to place better than Phil Mickelson in the PGA Championship Tournament. If a bettor places a $100 bet with those odds, and Fowler ends up beating Mickelson, then the bettor will turn a profit of $200.